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In a recent analysis, crypto analyst Henrik Zeberg shared his optimistic outlook on <a href="https://u.today/solana-completes-golden-cross-but-sol-price-takes-dip" rel="noopener noreferrer nofollow">Solana (SOL)</a>, the fifth-largest cryptocurrency by market capitalization.
According to Zeberg, Solana remains in consolidation after reaching new all-time highs last month. This phase is normal around major market tops as the asset gathers momentum for its next upward move.
Zeberg indicated that this consolidation is a healthy and necessary process for Solana. It allows the cryptocurrency to build the strength needed to push higher. He believes that this period of consolidation is a precursor to Solana continuing its upward trajectory.
"Solana is still consolidating after breaking ATHs. This is normal around major tops as it needs to gather force to move higher," <a href="https://x.com/HenrikZeberg/status/1868573335895888326" rel="noopener noreferrer nofollow">Zeberg</a> stated.
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Solana</a> is still consolidating after breaking ATHs.This is normal around major tops as it needs to gather force to move higher. We should soon see <a href="https://twitter.com/hashtag/SOL?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#SOL</a> continuing higher towards new ATHs - reaching its final target in a not too distant future.This is my target and the…— Henrik Zeberg (@HenrikZeberg) <a href="https://twitter.com/HenrikZeberg/status/1868573335895888326?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 16, 2024</a>
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"We should soon see SOL continuing higher toward new ATHs — reaching its final target in a not-too-distant future," Zeberg added, expressing optimism in Solana's potential to soar higher.
<h2 id="solana-breakout-what-analysts-and-on-chain-data-suggest">Solana breakout? What analysts and on-chain data suggest</h2>
At the time of writing, SOL was up 0.35% in the last 24 hours to $219. Solana's price reached its current all-time high of $263 on Nov. 23 and is currently down nearly 17% from this peak.
In a tweet last week, the cofounders of Glassnode who go by "<a href="https://x.com/Negentropic_/status/1867236728244719982" rel="noopener noreferrer nofollow">Negentropic</a>" on X suggested that SOL might be eyeing a breakout. SOL hit the marked zone and rebounded toward $230. "Negentropic" predicts that if the SOL price surpasses $235 on a daily time frame, it could break the price compression and aim for the previous high of $264.
Meanwhile, key signals such as the Daily RSI remain neutral, implying that the SOL price might still be far from overbought territory, which is favorable for a move higher. If SOL takes off, Negentropic suggests that JUP and WIF could gain traction.
<a href="https://x.com/glassnode/status/1867604671894106166" rel="noopener noreferrer nofollow">Glassnode</a>, in a recent tweet, indicated that Solana investors are hodling firm, expecting higher prices. Long-term holders’ share of wealth locked in the network is increasing. The 6-12 month cohort now holds 27% of the supply, showing conviction from 2024 rally buyers.
Meanwhile, the 1-2 year cohort has steadily declined, from 48% in June to just below 5%. These were earlier bull run investors who profited heavily during this year's surge. This implies that, for now, those who wished to sell SOL have likely sold. <a href="https://u.today/solanas-breakout-henrik-zeberg-makes-latest-call-on-sol-price" rel="noopener noreferrer nofollow">Read original article on U.Today</a>

Solana's Breakout? Henrik Zeberg Makes Latest Call on SOL Price

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